“Research is creating new knowledge.” Neil Armstrong
The Research Phase prepares you to make several irreversible, critical decisions. Perform this research in the order below before making decisions or taking actions such as incorporating, leasing space, signing contracts or hiring employees.
Many how-to-start-your-business workshops say their objective is, ironically, to convince you to not start a business. It seems discouraging, but it would be a disservice if they sugar-coated the facts and realities of this major life decision.
There are three types of issues you should research: personal, regulatory and business plans.
Researching Personal Issues gives you a chance to consider the seriousness of owning your business and stopping what you might be doing now to earn a living and support your family. This section may seem a bit harsh and lacking inspiration, but its intent and purpose is to prepare you for success in following your dreams.
Researching Regulatory Issues provides invaluable information needed in order to make legal and tax start up decisions. It’s tempting to be less than thorough during this research because it’s technical, deals with subjects you may not understand at first and, depending on your interests, boring. Do your business and yourself a favor and give this research the time and energy it deserves. Diligence in this area will prevent problems and headaches in the future.
- Do I need tax and legal advice?
- Do I need insurance advice?
- What corporate structure should I choose?
- Do I need a FEIN (Federal Tax Identification Number)?
- Do I need to be licensed by the State of Florida?
- Do I need to register a Fictitious Name?
- Do I need to register for special taxes, permits or fees?
- Where will my business be located?
- What are the business incentives in Gainesville and Alachua County?
Researching Business Plan Issues is imperative to making money! This research helps you make important strategic decisions regarding expenses and revenue.